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A day before the crucial meeting of the Foreign Investment Promotion Board, the Civil Aviation Minister Ajit Singh has said foreign investment in the aviation sector is needed because banks are unwilling to lend to airlines.
FIPB, an-inter ministerial body, is to consider Jet-Ethiad deal on June 11. The gulf-based carrier is buying 24 per cent equity in Naresh Goyal promoted Jet Airways at approximately Rs 2,060 crore. Once FIPB clears the proposal, it will go the Cabinet Committee on Economic Affairs for final approval.
“FDI is good for the civil aviation sector because some of the banks are overexposed. So, they are not so keen to give loan,” Civil Aviation Minister Ajit Singh told media persons accompanying him on Air India’s special flight to UK to commemorate 65 years of operation.
The national carrier operates 2 flights daily from Delhi (one on Dreamliner B-787) and one from Mumbai.
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